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Jane Street almost doubled its revenues last year to $40bn after generating $15.5bn in the final quarter, blowing past the Wall Street banks that previously dominated trading.
The trading firm posted net revenues from trading and related activities of $39.6bn last year, according to a person familiar with the matter, up from $20.4bn in 2024 and just over $10bn in 2023.
The New York-based Jane Street has emerged as a trading powerhouse across equity, option and fixed-income markets, alongside rivals such as Citadel Securities and Hudson River Trading.
Jane Street declined to comment.
Rival banks reported some of their best-ever trading revenue in 2025, as Wall Street benefited from market volatility.
JPMorgan’s traders achieved revenues of $35.8bn over the year, while Goldman Sachs’ trading business delivered revenue of $31bn. Morgan Stanley’s revenues leapt 26 per cent to $24.3bn.
But none of the banks surpassed Jane Street’s full-year figures.
In the first quarter, banks continued to notch up profits from market ructions triggered by the Iran war. The trading firm’s first-quarter figures are not yet available.
Jane Street was founded in 2000 but only began to seize market share in the years after 2008, capitalising on the electronification of financial markets and post-crisis banking regulation to reshape the trading landscape with a handful of secretive peers.
Its ascent has come alongside massive growth of the equities and options markets both in the US and other markets such as Asia.
The firm is now a significant market-maker across assets, profiting from small price differences in trading using computational and quantitative strategies. In recent years, it has expanded into longer-term bets, holding positions for weeks and months.
Jane Street, Citadel Securities and Hudson River Trading together generated trading revenues of more than $60bn last year.
Jane Street uses its own capital for trading and has also thrown its weight behind private companies in high-growth sectors, including a $1bn commitment to AI data centre provider CoreWeave signed earlier this month. It also committed $6bn to use the platform.
It has also made investments in AI groups Anthropic and Thinking Machines Lab, along with a software-testing start-up called Antithesis.
The firm’s record earnings benefited from those investments as valuations for companies in the AI space soar.
